The Insurance Guarantee Fund reorganized to comply with the Solvency II requirements
 Nicolae Crisan, former Chairman of the Romanian insurance supervising authority (ISC), between 2001 and 2006, was appointed General Director of the Insurance Guarantee Fund. The nomination follows a reorganization process undertaken by ISC, the institution to which the Guarantee Fund is subordinated, in order to better align the Solvency II supervision system requirements. The new and much simplified institutional structure of IGF will be soon revealed.
The Guarantee Fund provides ultimate protection for policyholders, beneficiaries of insurance contracts and parties injured covered under liability insurance, in case an insurance undertaking is under bankruptcy proceedings and is no more able to fulfill its commitments under insurance contracts concluded. The Fund is financed by the contributions of all insurance undertakings and makes payments of claims and sums assured to the insurance creditors of the companies under bankruptcy procedures. Anticipating the European Directive, currently in preparation, Romania belongs to a group of only 12 European countries which already have a functional insurance guarantee system (Bulgaria, Denmark, France, Germany, Ireland, Latvia, Malta, Norway, Poland, Romania, Spain and UK).
Up to April 30th, 2011, the Romanian Guarantee Fund has processed over 1,150 claims, out of the total 1,614 petitions filed by insurance creditors following the Euroasig bankruptcy.
More news and statistics about Romanian insurance market.
Author: Andreea IONETE
on 12.12.2011
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